Govt approves three projects to upgrade power distribution

The government has undertaken three projects of Tk 20,183 crore for improving power distribution system in the country as part of its plans to take electricity to all houses by 2021. China and the Asian Development Bank will finance 67 percent of the cost of the projects, Planning Minister said after the Executive Committee of the National Economic Council approved the projects. The government has a target to bring all houses under electricity coverage by 2021, and the three projects would allow the government to reach the goal two years ahead of time. At present, about 70 percent of the houses have electricity. One of the projects involves strengthening the power grid network at a cost of Tk 13,703 crore. The project will be implemented on a government-to- government arrangement with China contributing Tk 9,707 crore. This is one of the 28 projects for which preliminary agreements were signed during Chinese President Xi Jinping’s visit to Bangladesh last month. The cabinet committee on economic affairs has primarily nominated a Chinese company for implementing the project. Under the project, 100-kilometre 400kV new transmission lines, 330km new 230kV transmission lines, and 334km 132kV new transmission lines will be set up. The existing 225km 132kV transmission lines will also be rehabilitated under the project. Besides, new power sub-stations will be set up and existing sub-stations rehabilitated. Under the two other projects, the power distribution system will be improved in eight divisions at a cost of Tk 6,481 crore. The ADB will provide Tk 3,914 crore. The two projects will bring about 9.5 lakh new subscribers under the national grid network, according to a proposal of the planning ministry. Some 11,965km Compiled by: Research & Development Unit, Dhaka Bank Limited 11kV or lower voltage lines will be set up. Besides, the capacity of about 39,000km existing lines will be enhanced. Two of the projects will be implemented by 2019 and the other by 2021.

Source:
http://www.thedailystar.net/business/govt-approves- three-projects- upgrade-power- distribution-1319056
http://www.thefinancialexpress-bd.com/2016/11/22/53900/ECNEC- approves-three- new-projects

LoGIC project launched with initial $ 20m fund

Local Government Initiative on Climate Change (LoGIC), a project aiming to make 0.2 million of the most vulnerable houses in Bangladesh better prepared to adapt to climate change, was launched in Dhaka on Tuesday. Started initially with a budget of US $ 20 million, the project will be implemented in the next four years in 7 most climate vulnerable districts of the country. Sweden, European Union (EU), United Nations Development Programme (UNDP), United Nations Capital Development Fund (UNCDF) and the Government of Bangladesh will provide the initial $ 20m fund which will be spent in four years for reducing risks of damages caused by disasters and climate change in the 7 most vulnerable districts and prepare them to recover readily from adversity. Of the initial $ 20m fund, Sweden will provide around $ 9.25m, the EU approximately $ 8,57m, the UNDP and the UNCDF will give $200,000 each, and the Bangladesh government to provide BDT 60 million (Tk 6 crore).

Source: http://www.thefinancialexpress-bd.com/2016/11/22/53924/LoGIC- project-launched- with-initial- $-20m- fund

BPC to export 0.17m barrels naphtha next month

State-run Bangladesh Petroleum Corporation (BPC) will export 170,000 barrels of naphtha again in December to international buyers as local demand has outpaced supply. The BPC will ship the naphtha on free on board (FOB) basis from the Chittagong port meaning that the importers would have to get the naphtha delivered from the port. The state-run corporation would not have any responsibility for transporting naphtha to the buyers’ end. The BPC usually gets naphtha as a by-product from Eastern Refinery Ltd, which is one of its several wholly-owned subsidiary companies, and sell to different privately-owned petrochemical companies. The delivery of naphtha to the bid winner will take place on December 22-24 from Chittagong. The BPC last awarded a similar-sized parcel of the naphtha for delivery over November 17-19 to Swiss Singapore Overseas Enterprises Pte Ltd on FOB basis from Chittagong. Swiss Singapore had offered discount of US$0.89 a barrel to the Mean of Platts Singapore (MOPS) naphtha assessment meaning the price was below that of international market by US$0.89 a barrel.

Source: http://www.thefinancialexpress-bd.com/2016/11/22/53968/BPC- to-export- 0.17m-barrels- naphtha-next- month

Cotton use to expand

Cotton consumption in Bangladesh is expected to rise 4.91 percent year-on- year to 6.4 million bales this year due to higher demand from spinners and garment makers, according to the US Department of Agriculture. The cotton year begins on August 1 and ends on July 31. Bangladesh is the largest cotton importer in the world at present, as China stopped importing the fibre in recent years. Bangladesh meets its demand for cotton through imports, as the country does not produce the white fibre locally. Cotton traded between 70.5 and 72.5 cents a pound in international markets yesterday. This cotton year, more than 430 spinning mills in Bangladesh will consume 6.4 million bales of cotton, according to USDA. Bangladesh spends more than $3 billion to import cotton a year. One bale equals 480 pounds or 218kg. Cotton consumption by Vietnam, a major competitor to Bangladesh in the global apparel business, will also increase this year for higher export of garments. In 2015-16, Bangladesh consumed 6.1 million bales of cotton. The import will also increase by 1.6 percent to 6.3 million bales in 2016-17 from 6.1 million bales last year, according to data from USDA. India has become the biggest supplier of cotton for Bangladesh for competitive prices, quality and geographical proximity, as the country imports 50 percent of its total annual demand of the fibre from India.

Source: http://www.thedailystar.net/business/cotton-use- expand-1319065

Uber taxis hit Dhaka streets

A US multinational online transport network company headquartered in San Francisco, California, Uber offers app-based taxi service allowing customers with smartphones to place a trip request in about 450 cities in 74 countries. The taxi service, which has been available in Dhaka for the past several weeks, was formally launched yesterday in partnership with the country’s largest telecom company, Grameenphone. Once a person signs up for Uber’s free app, he or she can call a car by opening the app and giving information about their location and pay the fare in cash or credit card. Uber does not own any cars. It acts like a middleman between customers and cab drivers. It has made the task of booking a cab easier. Any car owner can become drivers after getting registered with valid documents, national identity card and a photograph.

Source: http://www.thedailystar.net/frontpage/uber-taxis- hit-dhaka- streets-1319011

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